The riyal is pegged to the dollar at a rate of QR3.64:US$1. The authorities are committed to maintaining the current exchange-rate regime, arguing not only that Qatar's gas and oil exports are denominated in the US currency, but also that the peg offers stability and reassurance to investors. Pressure for revaluation is unlikely to return unless the dollar weakens substantially later in the forecast period, although the constraints that a peg imposes on monetary policy remain problematic. The peg is likely to remain in place until the GCC decides on a co-ordinated move in preparation for the establishment of a single currency, a project that will remain in abeyance in order to allow the GCC to assess the fallout of the euro crisis. Although both Oman and the UAE have withdrawn from the monetary union project, Qatar is still committed to it. Monetary union is unlikely to happen before 2015.